In the technology sector, every year is a new era – each one defined by the relentless pursuit of innovation and growth. To celebrate the industry and those within it, last year saw us launch the first-ever Capsule Scale-Up 50 list. The response from the companies listed, as well as investors and the global tech community, surpassed all expectations.
Ahead of yet another transformative year, we’re excited to present our second edition. Supported by Cooper Parry and HSBC Innovation Banking, this year’s list highlights the leaders in the tech industry and acknowledges the remarkable success of the tech scale-up and investment market in the last 12 months. So, what can you expect this time around?
Back in 2022, experts anticipated a breakthrough for generative AI – and now, seeing AI scale-ups take the lead, it’s clear that their predictions were accurate. Other industries dominating the list include health and life sciences and FinTech – demonstrating the diverse nature of innovation in this space. The strides made in health and life sciences underscore a growing commitment to a better standard of living, while the FinTech sector’s prominence answers a need for greater convenience, accessibility, and transparency across financial services.
It was great to see some familiar faces pop up in the list, including former Revolut Product Lead Bogdan Uzbekov and Songkick co-founder Michelle You, plus more than a few Capsule clients – you know who you are. We’re also celebrating the rise of more female founders in the tech space such as GetHarley CEO Charmaine Chow, as well as some staggering funding raises – with one pot totalling £200 million (Field, we’re looking at you).
Collectively, the companies featured on this list raised a commendable £1.5 billion of funding in 2023 alone – a testament to their strategic acumen, inventive approaches, and the trust placed in them by leading investors including Balderton, Index Ventures, Octopus Ventures and MMC Ventures. As these businesses continue to forge ahead, this financial backing not only fuels their existing operations – but also drives them towards a future marked by expansion, groundbreaking initiatives, and sustained success.
Ready to discover the influential players redefining their respective industries? Let’s get stuck in…
Thomas Wynne
Co-founder and CEO at Capsule
Capsule Scale-Up 50 List
Accelex
First up on this year’s Capsule Scale-Up 50 list is Accelex, spearheaded by Franck Vialaron, Michael Aldridge and Nicole Weder. The technology firm is revolutionizing private markets data management by using AI & proprietary data science to streamline the acquisition, extraction and analysis of unstructured data. Headquartered in London with offices in Paris, Luxembourg, New York, and Toronto, the FinTech secured $15 million in a Series A funding round led by FactSet in November 2023 and supported by other big names like AlbionVC – propelling its innovative solutions for investors and asset servicers.
AeroCloud
Founded by former racing car driver George Richardson, AeroCloud creates modular, scalable airport management software based on leading-edge technology. This includes its Airport Operations System (AOS), Passenger Processing Solutions and AeroCloud Optic, the industry-first passenger track and count solution. From Des Moines to Liverpool, airports are using AeroCloud to harness the power of data analytics, computer vision, predictive AI and machine learning to enhance operations, commercial prospects and passenger experiences. A disruptive force in a market of legacy operators, AeroCloud’s most recent raise of $12.6 million in Series A funding has seen the company double the size of its team, spanning the UK and US, and move to a new Stockport HQ – ushering in the exciting next chapter for the company.
Ai Build
In the world of additive manufacturing solutions, Ai Build is pushing the boundaries of innovation. A valued Capsule client, the visionary SaaS provider has created a cloud-based platform that optimises the 3D printing process from start to finish – with the aim of helping global manufacturing reach its full potential. Using AiSync, it’s now possible for complex parts and structures to be reliably manufactured from recycled materials – with far less waste and much greater accuracy. Did we mention it’s 90% faster, too? Talk about efficiency!
With a track record of collaborating with industry leaders like Boeing, Ai Build’s dynamic team has set its sights on transforming the landscape of large-scale applications in the aerospace, automotive, and energy industries. Securing $8.5 million in a funding round led by IQ Capital in October 2023, Ai Build is accelerating its product roadmap, establishing a US subsidiary, and continuing its expansion into Europe – solidifying its commitment to innovating on a global scale.
APEXX
APEXX Global is a multi-award winning global payments orchestration platform that combines acquirers, gateways, shopping carts and Alternative Payments Methods into a single marketplace and one-stop solution for Enterprise/Tier 1 merchants. APEXX builds an integrated and transparent service that manages the authorisation, processing and optimisation of transactions. APEXX takes an agnostic approach to partnerships, working with many different solutions providers across the payments industry. Our approach creates a more efficient and cost-effective solution that cuts through the complexity of e-payments and leaves behind legacy technology systems. Our mission is to help businesses grow by reducing unnecessary costs, increasing conversion rates and simplifying the payment execution process.
Apron
Say hello to Apron, a trailblazing FinTech founded by former Revolut Product Lead Bogdan Uzbekov. Its goal? To streamline the company payable process with its easy-to-use payment management platform. Apron launched its beta in early 2023 – offering a preview of the highly efficient future its team is making possible. Not long after, it generated a remarkable $15 million in a Series A round led by Index Ventures. The stage is set for its next act: expanding its range of accounting tools to include even more ways for companies to master their finances.
AutogenAI
Next up is AutogenAI, the SaaS powerhouse that’s rewriting the rules of efficiency. Since its triumphant launch in 2022, it has stolen the spotlight – securing an impressive $22.3 million in funding in July 2023 from Blossom Capital, known for backing successes such as Checkout.com and Dija. AutogenAI makes bid writing a breeze with cutting-edge innovations that slash costs by up to 50%. And that’s not all – its tech also offers a remarkable 30% boost in win rates and 70% ROI. With a recent $39.5 million Series B co-led by Salesforce Ventures and Spark Capital in December 2023, it’s poised for global growth.
Automata
Levelling up laboratories is Automata, a robotics and automation startup that’s emerged as a transformative force within the life sciences sector. This MedTech is on a mission to redefine the way labs operate. In July 2023, it embarked on a partnership with an NHS trust, tasking robots to conduct cancer testing. Further exemplifying its rise to success, Automata raised a remarkable $40 million in funding in October last year with Dimension and A.P. Moller Holding. This follows a $50 million Series B led by Octopus Ventures in 2022. The injection of funds will accelerate its expansion both in the United States and across Europe, the Middle East, and Africa.
Bloom Coaching
What if your career dreams weren’t just dreams, but tangible realities? That’s the future Bloom Coaching envisions. More than just your average app, it’s your daily dose of professional growth. The SaaS provider combines growth AI, psychometrics, and behavioural science to give users the tailored guidance they need to climb the next rung on the career ladder. It also draws on inspiration from heavy hitters like Apple, Meta, and Google to ensure users are getting insights from the very best. Bloom experienced a highly successful $10 million seed round with support from Octopus Ventures and MMC Ventures, enabling rapid growth across the US. It anticipates onboarding 100,000 users by 2024.
Carmoola
Capsule client Carmoola is challenging the status quo of car finance with its user-friendly app that lets people find out how much they can borrow in minutes. Offering unprecedented flexibility, Carmoola also allows people to manage their repayments in the app. In 2022, a £27 million seed funding round – including investment from Jaguar Land Rover’s fund – set the stage for success. Fast-forward to February 2023, and an £8.5 million Series A led by QED Investors as well as a £95 million debt facility allowed the team to scale the business – boosting its headcount in the process. Adding to its impressive milestones, Carmoola recently announced its latest achievement earlier this year – securing a £15.5 million funding injection.
Chemify
A University of Glasgow spinout, Chemify is accelerating drug and materials discovery through automated molecular design and manufacturing. Led by CEO Lee Cronin and chaired by David Cleevely, the co-founder of Abcam, the company is extending its impact beyond medicine to agriculture, materials science, and green energy. The stars aligned for the health and life sciences startup in August 2023, when it announced it had raised a total of £36 million in investment from global backers including Triatomic Capital and Blueyard. We’re excited to witness Chemify continue to shape the future of discovery, one molecule at a time.
Coincover
Crypto crusaders – this one’s for you. Allow us to introduce Coincover, helping protect crypto from hacking and human error in the decentralised Wild West. Hailing from Cardiff, Coincover is partnered with more than 300 businesses – from exchanges and wallets to hedge funds, family offices, and banks. In February 2023, the team pulled off an incredible funding feat with $30 million raised from Foundation Capital and others. Looks like the crypto space just got a lot safer – not to mention exciting!
Continuum Industries
Accelerating the transition towards renewable energy is an important mission, and Continuum Industries has risen to meet the challenge. Optioneer, the company's not-so-secret platform, harnesses the synergies between AI and human expertise, enabling infrastructure developers to compress 12-month-long processes in as little as eight weeks. With a $10 million Series A funding round in September 2023 led by Singular, the SaaS provider is gearing up for an exciting journey ahead. The funding will fuel plans to double its team and embark on an ambitious expansion across Europe and the United States. Here’s to a cleaner, greener future!
Curve
Step into the world of financial innovation with Curve – your passport to a world where finance meets innovation without any hiccups. Curve’s mission is crystal clear: simplify your fiscal life with a single, brilliant solution – all your financial tools neatly bundled into one smart card and an even smarter app. And the mind behind it? None other than Checkout.com’s former Head of Product Shachar Bialick.
The FinTech has recently bolstered its journey with an impressive £58 million injection into its Series C funding round, bringing its total Series C to a staggering £133 million. Backed by the support of shrewd investors like Microsoft co-founder Paul Allen’s Cercano Management, Curve is poised to take the way we all manage our finances to new heights.
Cyted
Born from two brilliant minds at the University of Cambridge, Marcel Gehrung and Maria O'Donovan, Cyted blends cutting-edge science with clinical expertise to provide non-invasive diagnostics for early cancer and inflammatory disease detection. Fuelled by a £10 million investment from BGF and Morningside, a £3.4 million NHS Cancer Programme grant in May 2023, and support from Cancer Research UK, Cyted is poised for global impact. The MedTech plans to channel its resources into entering the US market, as well as advancing research and development initiatives in gastrointestinal cancers.
dexory
The Warehouse and logistics industry is going through a period of rapid transformation to respond to the needs of the changing customer demands. Dexory has developed a cutting-edge robotics and AI-powered analysis suite, DexoryView, to provide the industry with a real-time view of their stock levels, available rack space and flow of products in and out. In June 2023, Dexory secured a $19 million Series A funding to enable it to scale its operations and enter new markets. Dexory has headquarters in the United Kingdom, split between London and Wallingford in Oxfordshire. Founded by Andrei Danescu, CEO, Oana Jinga, CCO&CPO and Adrian Negoita, CTO, Dexory is poised to expand further into its key markets in 2024.
Entia
You’ll be hearing a lot more from Entia this year. Leading a revolution in healthcare, it specialises in at-home blood testing for patients navigating the challenges of cancer treatment. Having closed a £16 million Series A funding round in July 2023 – with BGF and Parkwalk Advisors at the helm – Entia is ready for rapid growth. This new investment will fund the global launch of its remote patient-monitoring system in the UK, while simultaneously securing regulatory approval in the US. Ultimately, Entia hopes to guide us into a world where compassionate, quality cancer care is a part of our everyday.
ev.energy
Capsule client and fellow B Corp ev.energy is transforming EV charging solutions – overseeing 120,000 daily charges across the UK and North America. What sets ev.energy apart is its innovative approach, which prioritises grid-friendly power delivery. And with leading names like National Grid, Volkswagen, and Siemens among its clients, it’s clear that the CleanTech is onto something. Last year, ev.energy generated $33 million in a Series B led by National Grid Partners – destined to increase its impact throughout Europe and North America, targeting an additional 400 million energy customers through strategic partnerships in the retail, fleet, vehicle, and insurance sectors.
EyeBio
With a visionary mission (geddit?), EyeBio develops cutting-edge therapies to combat sight-threatening eye diseases. Following its latest $65 million extension, the BioTech’s total Series A raise now stands at an impressive $130 million. This infusion of capital will drive EyeBio’s clinical development programme forward – enhancing its groundbreaking retina pipeline. At the forefront of innovation, EyeBio looks set to change vision care for the better.
Field
Helmed by Bulb co-founder Amit Gudka, Field is optimising battery storage – storing energy generated during periods of lower demand and releasing it to the grid during high demand. Following an impressive £200 million investment from DIF Capital Partners, plus a successful £77 million funding round, the company is set to achieve incredible growth. The CleanTech’s 4.5 GWh grid-scale projects demonstrate its commitment to advancing sustainable energy solutions across the UK and Europe – highlighting it as a key player in the sector.
Flock
Now let’s shine the spotlight on Flock, the InsurTech on a mission to make commercial fleets safer through cutting-edge connected car technology. Armed with telematics, Flock offers real-time insights into driving behaviour. Counting heavyweights such as Jaguar Land Rover and Onto among its clients, Flock also secures a third of the UK’s independent Amazon fleets – solidifying its status as guardian of the road. In a game-changing move, Flock recently attracted $38 million in a Series B funding round led by Octopus Ventures to reinforce its data science and engineering capabilities while allowing expansion into new markets.
Fnality
Making waves in the decentralised finance space is Fnality, the FinTech developing blockchain-powered digital payment systems for seamless financial transactions. Having recently raised £77.7 million in a Series B round led by industry giants Goldman Sachs and BNP Paribas, unprecedented growth is on the horizon. With a focus on creating tokenised versions of currencies backed by central bank funds, the team is on the cusp of transforming the financial landscape. With its £FnPS, Fnality has taken the first step in introducing the world’s first fully supervised and regulated wholesale payment system. And with plans to expand into the US underway, we stand at a pivotal moment in what has already proven to be a remarkable journey.
Gensyn
Capsule client Gensyn is the SaaS provider disrupting blockchain technology. Innovation meets investment in this trailblazing venture; founded in May 2020, Gensyn aims to empower developers to build AI tools using a simple and easy-to-use pay-as-you-go model. It recently raised a significant $43 million in a funding round led by a16z. These funds will see it grow its dynamic team and unveil its state-of-the-art product, set to reshape the blockchain and AI spaces.
GetHarley
GetHarley was founded by former Goldman Sachs Executive Director Charmaine Chow following a personal struggle to source the right skincare to cure her acne. It’s an all-female led platform designed to provide users with customised skincare services. With access to over 1,000 clinicians – including Meghan Markle’s facialist – GetHarley offers remote skin consultations and delivers prescription-strength products.
Named after London’s prestigious Harley Street, the HealthTech attracted $52 million in a funding round spearheaded by Index Ventures back in June 2023. We can’t wait to see where its up-to-the-minute technology and expertise takes it next.
Globacap
FinTech Globacap is leading the charge when it comes to digitising private capital markets, by equipping financial institutions with state-of-the-art software. Specialising in securities exchanges, banks, and asset managers, it streamlines administrative tasks – elevating efficiency in securities issuance and transfer. Backed by a recent $21 million Series B, Globacap is gearing up for global growth – indicating a seismic shift in the dynamics of private capital markets.
Griffin
Griffin obtained its banking licence in March 2023, swiftly sealing a $13.5 million Series A just three months later with support from MassMutual Ventures. The banking-as-a-service FinTech allows businesses to seamlessly embed banking services to unlock new possibilities without the setup complexities. Griffin offers bank accounts (including interest bearing savings accounts, safeguarding accounts and accounts for holding client money), access to the UK’s payment rails, an integrated ledger, and automated compliance technology.
hackajob
Searching for a new job in tech often involves an endless stream of applications, rejections, and follow-ups – while for employers, one open role could mean sifting through hundreds of CVs, and the right match isn’t always guaranteed. hackajob understands that, which is why its unique hiring platform flips job searching on its head. Candidates post their requirements online and companies pitch to them, instead of the other way around. And clearly, something is working – in May 2023, the firm raised an impressive $25 million in its Series B funding round led by Volition Capital to help accelerate US growth. Proud to call this one a Capsule client!
HelloSelf
Mental health care is a vital, but often sidelined, area of health maintenance. That’s why HelloSelf aims to make clinical therapy a more accessible option for everyone – its innovative digital platform uses AI to match patients with the right therapists and calculates the impact of these recommendations. It’s no surprise that the HealthTech is backed by Octopus Ventures, who led it through a successful $20 million Series B funding round in March 2023 – the sum of which will be put towards expanding its network of therapists, partners, and members across the UK and Europe.
Infogrid
Own or oversee a commercial property? Managing it just got easier with Infogrid. Its building-intelligence platform collects and analyses data around air quality, cleaning needs, and current occupants, using Internet of Things sensors to make maintenance simple and sustainable. Having raised an impressive $90 million in its most recent funding round, Infogrid is putting that capital to use by expanding the dataset and functionality of its flagship product.
Isometric
Founded in 2022 in London and New York, Isometric is a new kind of carbon crediting platform that is on a mission to rebuild trust in carbon markets so carbon removal can scale—responsibly and fast—to the level the planet needs. Isometric helps companies move from low quality, temporary carbon offsets to high-quality, trustworthy, carbon removal credits they can use to meet their climate commitments. The brainchild of serial entrepreneur Eamon Jubbawy (who previously co-founded Onfido, Safi and Sequence, which featured in last year’s Scale-Up 50), Isometric raised $25 million in seed funding in July 2023 from Lowercarbon Capital, Plural, and multiple angel investors including Niklas Zennström of Skype fame.
Kroo
In a world where banking often sticks to the status quo, Kroo is challenging the norm. The digital bank bagged 150,000 customers over the last 12 months, with most flocking to its trailblazing current account product with an unusually high interest rate. And that’s not all – beyond offering customers an amazing deal, Kroo has set out to redefine the essence of banking, promising a positive impact on the world. It’s little wonder that it was able to raise £2 million in crowdfunding in November 2023.
Through its partnership with One Tree Planted, Kroo is aiming to plant one million trees by 2024, providing vital ecological restoration to the Guatemalan coastline and villages in the Punjab region across India and Pakistan. As strong advocates for change ourselves, we’re proud to call Kroo a Capsule client. Here’s to Kroo reshaping the banking landscape while leaving a lasting legacy of environmental stewardship!
Laka
Capsule client Laka believes in the power of the collective. Laka offers a unique insurance model for all bicycle lovers - from keen enthusiasts, commuters & e-bike riders to B2B partnerships with bike manufacturers, FinTech companies & large fleets. It has been hitting accelerate since 2017. The best part? Laka flipped insurance with flexible monthly policies and collective pricing so customers only pay what's needed, not what's expected. After securing €7.6 million in funding last October, led by French mobility fund Shift4Good and supported by 1818 Venture Capital among others, Laka is ready to help more customers make the transition to environmentally friendly modes of transport.
Lindus Health
The clinical trial process is fragmented – that’s according to Lindus Health, the digital health startup aiming to piece it back together. By handling the end-to-end execution of clinical studies – including design, patient recruitment, clinical data capture, and project management – Lindus can deliver trials three times faster than the industry standard. So it’s no surprise that it managed to secure $18 million of Series A funding in August 2023, led by Stockholm-based Creandum (historic backers of Klarna, Spotify and Depop) and supported by PayPal co-founder Peter Thiel.
Metomic
Digital collaboration is vital for productivity and innovation. But in the era of collaborative SaaS, how can organisations ensure their sensitive data is kept secure? Enter Metomic, the data security solution handing back control to security teams. Already compatible with apps like Google, Slack, Jira, ChatGPT and Zendesk, Metomic provides Security and Compliance teams with much-needed visibility around how data is being accessed and used – as well as detecting potential risks. And it’s already being trusted by some of the biggest names in the world, including Oyster, Numan, and TravelPerk. Its February 2023 raise of $20 million led by Evolution Equity Partners is set to fund its US expansion.
Mytos
Capsule client Mytos is changing lives – literally. Through its revolutionary cell manufacturing platform, it has automated the process of human cell production, enabling life sciences companies to grow cells with unparalleled precision. Following closure of its $19 million Series A funding round led by Buckley Ventures in November 2023, Mytos aims to distribute its cutting-edge product to more BioTech and pharmaceutical companies – hoping to meet growing demand in 2024 and beyond.
OXCCU
When it comes to environmental progress, OXCCU is leading the charge. Backed by the University of Oxford (the city in which it is based) and other investors such as Clean Energy Ventures, its revolutionary technology converts carbon dioxide and hydrogen pollutants into vital fuels, chemicals, and plastics – including sustainable aviation fuel. And despite being a small team, they’re making big waves. They landed $22.7 million in funding in June 2023, which will be put towards creating a market-ready renewable fuel for the global aviation industry. Co-founders Jane Jin and Andrew Symes have a lot to be proud of.
Peppy
Peppy is the solution for businesses navigating the crunch of employee healthcare access and budget constraints. As global healthcare pressures mount, leaving many without timely care, Peppy steps in as a lifeline for employees. Peppy are proud to partner with over 250 leading companies; JP Morgan, TJX, and Disney are just a few you may recognise. Together with their partners, they support over a million people and take workplace health from 'meh maybe' to 'yeah baby'.
Phasecraft
Phasecraft has cracked the code for innovation. Powered by a team of world-leading quantum scientists and engineers, its vision is a future where once-in-a-lifetime discoveries happen every day. And as a joint spinout of University College London and the University of Bristol, it’s no wonder that the company closed a £13 million Series A in August 2023 led by Silicon Valley-based DeepTech VC Playground Global (with support from AlbionVC and Episode 1). The capital will help continue the team’s work developing quantum algorithms for real-world applications – crucially, the discovery of new materials to aid the global transition to clean energy.
Raft
Formerly Vector.ai, Raft is reinventing the wheel in the freight industry through the introduction of transformative automation tools. Powered by logistics prowess, the company has secured the trust of around 60 clients – effectively streamlining more than 300,000 shipments each month. In July 2023, Raft raised a remarkable $30 million in Series B funding led by Eight Roads and supported by Episode 1 among others. This will allow the team to engage in further research and development, and strengthen their position as trailblazers in AI technology.
Raylo
Raylo is making the circular economy a reality. Its online platform allows consumers to lease new gadgets like phones, tablets, and laptops at affordable subscription-based prices. What further sets Raylo apart, though, is its commitment to inclusivity – with no credit loan or formal agreement required, it makes top-notch technology accessible to a broader audience.
The B Corp’s latest £5.2 million raise in September 2023 came from the likes of Macquarie and Channel 4 Ventures. The funds join a £110 million debt financing facility from NatWest and growth investor Quilam Capital, positioning Raylo for an exciting phase of expansion. This substantial capital will help it offer an even wider range of gadgets, like e-bikes, while continuing to invest in its existing tech – including AI to assess risk for each sale. As a client of ours, we eagerly anticipate Raylo’s next developments and the positive impact this forward-thinking firm will have on the tech leasing landscape.
Recycleye
Waste management doesn’t have to be rubbish – that’s Recycleye’s vision. Its AI waste-sorting robots are setting a new standard for the industry, allowing for greater accuracy and consistency in the sorting process than humans have previously been capable of. Recycleye’s products have already been rolled out by clients in the UK, Ireland, Germany, and the US – but with its most recent round of funding (led by DCVC and supported by the likes of MMC Ventures) closing at $17 million, the company looks set to make even bigger strides in 2024.
Robin AI
Demand for generative AI in the legal sector has exploded. Robin AI is leading the way to help businesses harness the power of legal AI. How? It’s using proprietary machine learning models, combined with LLMs and deep legal expertise to save businesses time and money, all whilst enhancing accuracy and consistency in legal work. Robin AI is a launch partner of Anthropic, a global artificial intelligence research company and rival to industry titan, Open AI. Robin AI has recently secured $26M in new funding led by Temasek, less than 12 months after raising its Series A funding round which was led by Plural. CEO Richard and his team have big plans to capitalise on strong momentum and plan to use the new funding to fuel international expansion.
Supercritical
Carbon emissions are one of the largest challenges we face as a planet. We have less than a decade left to make urgent reductions. Supercritical's mission is to remove carbon from the air by providing access to high-quality, durable carbon removal credits via its marketplace. Conventional avoidance offsets work by paying others not to emit, leaving the emitted carbon in the air. Carbon removal actually removes carbon from the air, meaning the same amount of carbon emitted is removed. In June 2023, Supercritical closed a $13 million Series A funding round led by Lightspeed Venture Partners. It’s safe to say co-founder Michelle You knows how to make a hit – she previously co-founded Songkick, the concert-booking platform that was sold to Warner Music Group in 2017.
Synthesia
A self-proclaimed leader in the AI video generation space, Synthesia is another industry heavyweight. Specialising in creating hyper-realistic human avatars, the platform enables users to create professional videos without the need for microphones, cameras, actors, or studios. Its aim is to revolutionise workplace presentations and training videos, promising to save users thousands of pounds as well as countless hours – all while boosting viewer engagement. To date, the platform offers more than 140 avatars in total, with over 120 different languages available.
With the successful closure of its Series C funding in June 2023 led by Accel and supported by MMC Ventures among others, Synthesia secured an impressive $90 million investment and landed a $1 billion unicorn valuation. Did we mention Synthesia is a Capsule client?
Traydstream
Created by trade experts for trade experts, Traydstream’s automated compliance and trade document-checking platform reduces risks and boosts profitability for its customers.
With live global client mandates already implemented including some of the biggest names in banking - Citi Bank, Deutsche Bank, Standard Bank, and Mitsui it’s no surprise that the FinTech closed out its September 2023 funding round with a $21 million Series B investment from two highly prestigious growth equity funds - from Pivot Investment Partners and e& capital.
TreasurySpring
Short-term cash investing should be easy and secure, which is why TreasurySpring has crafted a handy platform that does the hard work of connecting investors to a broad selection of the best risk-adjusted cash investment options across multiple currencies and tenors. Within just a few clicks users have the ability to access hundreds of options, that were previously only available to the largest financial institutions. 2023 saw TreasurySpring double assets, clients and team numbers, as well as secure Series B funding of $29 million led by Balderton Capital and supported by the likes of MMC Ventures, Anthemis, ETFS Capital and Mubadala Ventures, so 2024 promises more scaling and expansion.
T-Therapeutics
Imagine if your own body could identify, target, and eradicate tumours. Well, thanks to Cambridge spin-out T-Therapeutics’ revolutionary technology, this once far-off idea could soon become a reality. By harnessing the natural power of T cells, the BioTech has already made groundbreaking advances in the treatment of cancers as well as other inflammatory disorders. And having recently secured £48 million in Series A funding to expand its medicine pipeline, its treatments could soon be available to clinical cancer patients. Backed by Sofinnova Partners and F-Prime Capital among others, and led by serial entrepreneur (and two-time unicorn maker), Dr Allan Bradley, we’d say it's in good hands.
TympaHealth
Listen up! A better future for ear and hearing healthcare is coming, trailblazed by TympaHealth. Launched in 2017, the company set out to create the world’s first all-in-one hearing assessment platform, designed to deliver diagnoses and accelerate treatment within a single 30-minute appointment.
Led by a team of doctors and technology experts united in their mission to provide simple, accessible ear and hearing healthcare, TympaHealth’s mission thrives on collaboration too. The HealthTech has partnered with the likes of Walgreen Boots Alliance, Bupa, and the NHS, to name a few. Notably, TympaHealth has managed to bring on-the-ground care to remote locations where ear and hearing care is otherwise unavailable – and having raised $23 million in its most recent funding round (led by Octopus Ventures, with participation from Dara Capital and Rezayat Investments), we can hear a bright future calling.
Uncommon
For co-founders Ruth Faram and Benjamina Bollag, the future of meat production doesn’t have to be unsustainable – at least, not if Uncommon has anything to do with it. Formerly HigherSteaks, the Cambridge-based life sciences company is using cell technology to revolutionise global food production and radically accelerate the availability of lab-grown meat. Powered by a team of industry-leading scientists, it has already had success creating products like bacon and pork belly – with more tasty dishes on the horizon, thanks to the company’s recent capital injection of $30 million in Series A funding led by Balderton Capital and Lowercarbon Capital.
Unitary
Content moderation is a major concern for social media companies, which is why AI technology like Unitary is more vital than ever. Led by co-founder and CEO Sasha Haco, Unitary’s AI is able to comb through over three billion images every day, identifying and flagging harmful content the same way a human would. In March 2023, the firm was able to secure additional seed funding of $8 million led by Ian Hogarth, former CEO of Songkick and currently the chair of the AI Safety Institute to seal future partnerships and expand its team. Just five months later, it closed its Series A at $15 million led by Creandum, amid plans to launch across multiple languages and geographies.
Volt
Ever wish online payments could happen at lightning speed? With Volt, that pipe dream can become a reality. It’s building the world’s first global real-time payment network – and it’s already operational across the UK, Europe, and Brazil. The company secured $60 million in Series B funding in June 2023, with notable backers including Institutional Venture Partners (responsible for Silicon Valley success stories like Coinbase and Slack) and Fuel Ventures. We love seeing our clients go full-speed ahead.
List compilation & criteria
This year's list was compiled by Ying van de Walle and Victoria McDonnell.
Ying is a research analyst specialising in high-growth UK companies. Previously, Ying acted as Head of Research at The Sunday Times Fast Track – managing the compilation of seven annual league tables of the UK’s top-performing private companies. Now, she continues to lead research on The Sunday Times 100, ranking the UK’s fastest-growing private companies.
Victoria is Marketing Director at Capsule, with more than 25 years’ experience in the SME & scale-up sectors. Before joining Capsule in 2022, Victoria worked in a number of senior marketing roles across Brookson Group and Best Companies, the company behind the ‘Best Companies to Work For’ lists.
In crafting the Capsule Scale-Up 50, we used strict criteria to accurately showcase the fast-growing business landscape. Notably, companies from 2023’s list are excluded from consideration. The chosen entries are private firms with substantial venture capitalist support, incorporated in 2013 or later, and with funding of over £10 million. To qualify, a company must have secured at least £3 million in a 2023 funding round. Please note that the list exclusively highlights the technology sector.
Eyeing your own considerable growth this year? Let’s talk. Capsule provides impactful insurance for the innovation economy. High-growth, venture-backed startups and scale-ups in the tech space choose us for bespoke policies and programmes that evolve alongside them and support their next moves.